Apartment building near Cat Linh railway

Compared to 2021, apartment prices near the Cat Linh - Ha Dong railway line have increased by 100-120%. Many projects that were previously in the mid-range segment now have prices reaching 55-70 million VND/m2, as expensive as newly built luxury apartments.

Apartments near the Cat Linh - Ha Dong railway line have doubled in price after 3 years, becoming as expensive as high-end projects.

Compared to 2021, apartment prices near the Cat Linh - Ha Dong railway line have increased by 100-120%. Many projects that were previously in the mid-range segment now have prices reaching 55-70 million VND/m2, as expensive as newly built luxury apartments.

After 10 years of construction and 12 delays, the Cat Linh - Ha Dong railway, Hanoi 's first urban railway line, finally began operation in November 2021. At that time, apartment projects located near the train stations were priced at around 30-40 million VND/m2. However, just three years later, prices had doubled, or even nearly tripled.

Specifically, according to an investigation by a reporter from Baodautu.vn , apartments at Booyoung Vina Mo Lao apartment complex (Mo Lao ward, Ha Dong district) were priced at only about 27-30 million VND/m2 in 2021. However, the price has now skyrocketed to 57-60 million VND/m2.

Not only is it close to the train station, the Booyoung Vina Mo Lao project is also located right next to Mo Lao Park, Mo Lao Cemetery, and the European Vietnamese expatriate village. Photo: Thanh Vu

Reportedly, Booyoung Vina Mo Lao apartment complex is located approximately 450 meters from Van Quan train station. The project's investor is Boyoung Vietnam Company, and the first apartments were handed over in 2018.

Another project located about 500 meters from Van Quan station is Grand Sunlake (Van Quan ward, Ha Dong district). This project was formerly known as Hesco and was started in 2009, before the Cat Linh - Ha Dong railway was built. However, due to the former chairman of the investor facing legal troubles, along with controversies with contributing investors, the project has been stalled for a decade. The future of this project remains a big question mark.

The construction progress of the Grand Sunlake project is even slower than that of the Cat Linh - Ha Dong railway line. Photo: Thanh Vu

Even amidst the turmoil surrounding this apartment complex, the selling price has not cooled down. In 2021, the price of apartments with 50-year leases was approximately 36 million VND/m2. For those with long-term ownership, the price was around 44 million VND/m2. However, the price has now increased to 44 million VND/m2 for apartments with 50-year leases and 55 million VND/m2 for those with long-term ownership.

In contrast to the situation at Grand Sunlake Van Quan, the Seasons Avenue project (Mo Lao ward, Ha Dong district) has a remarkably fast handover schedule. Construction began in 2015, and the developer, CapitaLand - Hoang Thanh, handed over the first apartments in 2017 and completed the handover process in 2018.

The Seasons Avenue project is located approximately 1 km from Phung Khoang station and right next to the European Vietnamese expatriate village. Three years ago, the selling price of apartments here was around 35-38 million VND/m2. However, the price has now increased to 65 million VND/m2.

Located about 1 km from La Khe train station is the Phu Thinh Green Park project (Ha Cau ward, Ha Dong district), developed by Phu Thinh Investment Construction and Trading Joint Stock Company. The project began handing over apartments in 2021, with prices at that time around 27-28 million VND/m2. Now, that figure has doubled to 55-60 million VND/m2.

With FLC Star Tower (Quang Trung Ward, Ha Dong District), this project is even only about 300 meters from La Khe train station. In 2016 - when the project was launched - the price of apartments was only about 19.3 million VND/m2. By 2021, the price had increased to 22 million VND/m2. And now, the selling price has skyrocketed and reached 50 million VND/m2.

Nguyen Tuan Street, leading to the Gold Season project, frequently experiences traffic congestion. Local authorities recently had to expand and renovate this road. Photo: Thanh Vu

A doubling of prices is also happening at the Gold Season project (Thanh Xuan Trung ward, Thanh Xuan district) by the investor, Winter Real Estate Joint Stock Company - VID. Three years ago, apartment prices here fluctuated around 38 million VND/m2. However, thanks to its prime location and being only about 600m from the Ring Road 3 station, the selling price has now increased to 72-79 million VND/m2.

Gold Tower apartment building boasts a prime location right on Nguyen Trai street and is only about a 5-minute walk from the Ring Road 3 station. Photo: Thanh Vu

Also located in Thanh Xuan Trung ward, just about 250 meters from the Ring Road 3 station, is the Gold Tower project. Developed by Hoang Huy Finance, the project began sales in 2018 with prices starting from only 31 million VND/m2. By the end of 2021, the price had reached 40 million VND/m2. Currently, the selling price has risen to 62-65 million VND/m2, with some units even priced at 70 million VND/m2.

The increase in price of older projects, bringing them on par with new luxury apartments, is a phenomenon currently occurring at Vinhomes Royal City (Thuong Dinh ward, Thanh Xuan district). In 2021, the average price of apartments here was around 40 million VND/m2, with those in prime locations reaching a maximum of 56 million VND/m2. However, after three years, apartment prices have reached 80 million VND/m2, with some even reaching 105 million VND/m2.

The price of apartments in Royal City is currently comparable to that of new high-end projects. Photo: Thanh Vu

Vinhomes' project is located approximately 900 meters from Thuong Dinh station and nearly 1 kilometer from Lang station. Construction began in 2010 and handover of apartments started in 2013. At the time of its launch, the project created a sensation thanks to having the largest shopping mall in Vietnam. This achievement has been maintained to this day.

Speaking with a reporter from Baodautu.vn , Mr. Nguyen Huu Cuong, Chairman of the Hanoi Real Estate Club (HNREA), said that the increase in real estate prices due to the development of transportation infrastructure is a natural phenomenon. This trend is similar to the case of Ring Road 4, where investors are scrambling to acquire land around the route to capitalize on the planned development.

According to Savills, apartment projects near subway stations will see price increases 5-15% higher than the market average. This scenario is also repeated in many countries around the world . For example, in Singapore, people are willing to buy apartments at prices 15% higher than the average if the project is less than 400 meters from a subway station.

In Kuala Lumpur (Malaysia), apartments located within an 800-meter radius of a train station will be priced 30% higher than the city average. In Bangkok (Thailand), property prices near metro lines will increase by 7-21%, depending on the distance from the project to the station.

Source: https://baodautu.vn/batdongsan/chung-cu-gan-duong-sat-cat-linh---ha-dong-tang-gia-gap-doi-sau-3-nam-dat-ngang-du-an-cao-cap-d228931.html